Ethereum seems to have been forming a nice big ascending triangle over the last few days which would normally indicate a bullish breakout is imminent, but could this triangle be breaking into an ascending wedge instead to set the bulls up for a world of pain?
Arguments:
Bearishly diverging and faltering MACD
Heavily over-leveraged longs relative to shorts on...
I tend to dislike this overused pattern but it's hard to ignore when the warning signs are there, and boy are they there both technically and fundamentally right now.
We're wedged between a strong resistance at $562 - $570 and a strong support at $540. There was a piercing of the $540 level yesterday but it was defended nicely. Unfortunately, volume dropped off...
RSI showing bearish divergence with a lower high on the while price action shows a higher high. MACD is also showing signs of weakness. There was an unconvincing break above the previous high of $224 which has formed an ascending wedge, and this along with decreasing volume paints a grim picture.
We've seen this with bitcoin before after the sharp rally from 6k to...
So we didn't extend to 6k for wave 5, but with the lengths of waves 1 and 3 it's not unusual. The resistance lines held beautifully however and we got a nice big rejection from our previous swing low at about 7.3k which coincided with our downtrend line from 11.6k.
Live counting Elliott waves is always a challenge but try, try again!
I wanted to investigate what Fibonacci extensions BTC has hit in it's lifetime.
Because of the insane growth I decided to calculate ratios further than tradingview's default tool does to accommodate BTC's nutso bullishness and happened upon 1,794.8% thanks to our old friend, the golden ratio.
Ignore timelines as I'm not interested in that.
Also, I'm not totally...
